Press Release

Gulf Capital, a leading regional private equity firm, announced that it has acquired, along with other co-investors, the remaining 50% shares in Gulf Marine Services LLC (“GMS”), the largest jack-up barge and support vessel operating company in the UAE with presence throughout the Gulf. Other co-investors in the transaction include Al Bateen Investments, Horizon Energy and Maritime Industrial Services. The recent transaction gives the Gulf Capital-led consortium 100% control of GMS.

Commenting on the successful buy-out, Dr Karim El Solh, Chief Executive Officer of Gulf Capital said: “By buying the remaining shares, we now own 100% of GMS and are able to shape the destiny of the Company. In true buy-out form, Gulf Capital is in the process of rebuilding management, restructuring operations and injecting significant expansion capital in order to set GMS on an aggressive growth path. It is my deep belief that the nascent regional private equity industry will increasingly emulate such transactions, graduating from minority investments to majority control buy-outs.”

The Gulf Capital post-acquisition team has secured a world-class management team under the leadership of newly-elected Chairman, Mr. Rashed Al Suweidi, the former Chairman of the National Drilling Company and Chairman of Dalma Energy LLC. Mr. Murshid Al Rumaithi, Deputy GM of Al Ain International Group and Al Bateen Investments and Mr. Jerry Smith, Managing Director of Maritime Industrial Services will join the Board of Directors alongside Mr. Rashed Al Suweidi.

Mr. Wassim Assaad, Principal, Gulf Capital said: “The current and forecasted strong demand for oil & gas has put pressure on national and international oil companies to increase offshore exploration and production activities. It is estimated that $ 55 billion will be invested in this sector in the Middle East over the next five years. This will lead to a significant increase in offshore drilling activities which will require significant well maintenance and intervention programs – the core business of GMS. GMS’s self propelled Jack-up service barges represent an ideal solution for performing the well intervention and maintenance programs and we are confident that GMS will maintain and grow its lead in the Gulf region.”

Mr. Rashed Al Suweidi, GMS’s newly elected Chairman, concluded: “GMS offers a complete range of marine and engineering services that provide the adequate support for marine and offshore well intervention operations. GMS’ future strategy is based on expanding its fleet of jack-up barges and on embarking on an ambitious regional expansion to meet the future demand in the Middle East Region. Given our ambitious growth plans, new shareholders and strong management, I am confident that GMS will emerge as the regional leader in its field”.